Thursday, April 03, 2008

We're In The Money

Well maybe not everyone. AP (04.03.08):
"The number of new people signing up for unemployment benefits last week shot up to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.

The Labor Department reported Thursday that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29."

Jobless Claims Hit 2-Year High

"The increase left claims at their highest point since Sept. 17, 2005."

For what it's worth, as of February, 2008, the average hourly earnings of production and nonsupervisory workers was (in constant 1982 dollars) $8.28. Which is exactly what it was in October, 2003.

Why does George Soros hate America? Bloomberg (04.03.08):

"Billionaire George Soros called the current financial crisis the worst since the Great Depression and said markets will fall more this year after a brief rebound."

Soros Sees Additional Market Declines After Temporary Reprieve

Why might George be worried? "Credit default swaps -- a way to bet on the creditworthiness of a company -- may be the next crisis area because the market is unregulated, and it's impossible to know whether counterparties can meet their obligations in the event of a bond default. The market has a notional value of about $45 trillion -- or about half the total wealth of U.S. households."

And if that shitpile slides South folks, we're all fucked.

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